HDFC Bank increases the efficiencies and adequacy by analyzing data for identifying anomalies with VUEFRAME

HDFC Bank increases the efficiencies and adequacy by analyzing data for identifying anomalies with VUEFRAME

Company Profile

HDFC Bank is India’s largest private sector bank by assets and the world’s 10th largest bank by market capitalisation as of April 2021. It had a requirement for end-to-end integrated continuous control monitoring and risk management for its branches. The bank implemented VUEFRAME Advanced CCM & RM, a comprehensive framework designed to help the organisation.

Business Challenges

1. Figuring out a way to consolidate findings in spreadsheets.
2. Findings are from unique frameworks at various frequencies.
3. Measuring and checking the critical ones.
4. Saving auditors time by forwarding several anomalies directly to the business users to handle them.
5. In order to optimize and improve the conclusion of exemptions required less time-consuming manual follow-up with business users.
6. To demonstrate risks rankings, need an intelligent framework for the data derived from the system.

Claptek’s Solution

For better decision-making/Audit and compliance, VUEFRAME is a well-skilled application to take data from various sources and change it into significant data in order to achieve the objective.

• On a set of frequencies, automate anomalies through characterized business rules.
• Give adaptability to configure different workflows for audit and compliance.
• After login into the application, the configuration shows the work pendency of the user.
• With a multi-dimensional rule design, the distribution of anomalies is done.
• Assignment & re-assignment of anomalies by utilizing set rules or manually at real-time audit review.
• Application is well skilled to give the acceleration notice if there should be a delay in response accordingly.
• Vueframe has the capacity to give the administrative survey of the special anomaly previously/after the conclusion.
• Application has the capacity to give risk scoring to higher units based on anomalies created with dashboards.
• Application has user management features and functionality, an application can adjust with LDAP, for example, no need to do the manual making of users into the application.

Major Benefits

Digitalization in business is bringing an evolution that is extending the role of audit teams and is changing it at a fast rate.

Claptek’s VUEFRAME Advanced Continuous Control Monitor (Advanced CCM with RM) solution exponentially increases the efficiencies and adequacy of the control observing divisions by analyzing data for anomalies and making intelligent inferences.

1. The primary benefit of continuous control monitor is that it automates anomalies and sends them directly to responsible business users saving auditors time to follow-up which helps you save cost and time.
2. Gets you control of the complete audit lifecycle through a consolidated system making it easy to manage the end-to-end audit process.
3. Supports better decision-making by identifying emerging risks, documenting the full trail of audit activity and improving transparency & collaboration.
4. Locates errors, controls issue and ensures compliance with standards and potential frauds to help teams quickly and accurately orchestrate the right response, every time.
5. Helps strengthen the organization by driving accountability across the organization and seeking positive assurance from line management on internal controls.
6. Added proactive measures of control point rule refinement and anomaly criticality classification using AIML.